We’ll tackle pressure on foreign exchange – FG

The Federal Government says it is actively addressing the issue of pressure on foreign exchange in Nigeria.

Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, said this on Tuesday, during the inauguration of two new factories and extension of the Tropical General Investment Group (TGI) at the Sagamu Inter-change in Ogun.

Uzoka-Anite emphasised the government’s commitment, under the leadership of President Bola Tinubu, to encourage industrialisation and allocate necessary resources to boost economic recovery.

She added that the present administration also aims to remove obstacles that hinder business growth.

“President Bola Tinubu is determined to tackle the challenges of unemployment, foreign exchange pressure, and economic diversification conclusively.

“Manufacturing and value chain addition is necessary for the overall development of our country. There is no way around it; the cause of inaction is huge and we cannot afford it,” she said.

In his remark, Gov. Dapo Abiodun emphasised the importance of corporate social responsibility by companies on its host communities.

Abiodun commended the TGI Group for its positive impacts on the community and its contribution to the success story and economic growth of Ogun State.

Abiodun added that when companies engage in corporate social responsibility, the community takes ownership and supports its overall development.

“I want to thank the TGI Group because you are a classical example of the success story of Ogun State; you are a reference point, a shining example of foreign direct investment in the country.”

According to the governor, Ogun is the most improved economy and one of the two most resilient states in the country.

Earlier, Executive Director, Food Distribution, TGI, Mr Roy Deepanjan, said the Group sources about 80 per cent of its raw materials locally.

This, he noted, shows the company’s commitment to supporting local industries and the economy.